Arbol is excited to announce the launch of Lilypad Insurance, a newly established carrier dedicated to serving the unique insurance needs of homeowners and property investors in coastal areas. Following receiving its Certificate of Authority from the Louisiana Department of Insurance, Lilypad is poised to commence operations within Louisiana, significantly enhancing its commitment to fostering coastal resilience.
To solidify its presence in the coastal homeowners insurance market, Lilypad Insurance has entered into an agreement to acquire Centauri Specialty Insurance Company and Centauri National Insurance Company, subject to regulatory approval. This acquisition will instantly bolster Lilypad Insurance's footprint in this market and leverage synergistic opportunities to enhance service offerings within its target markets.
Lilypad Insurance emphasizes the importance of experienced leadership in navigating the complexities of coastal insurance. To this end, the company is proud to announce the appointment of Ricardo Espino, former CEO and Co-Founder of Centauri Insurance, as its CEO. Espino brings a wealth of industry knowledge and a proven track record of leadership to Lilypad, aligning with the company's commitment to serving Louisiana's coastal communities with integrity and expertise.
As coastal populations continue to grow, with approximately 40% of the U.S. population residing along the coast and contributing significantly to the economy, the demand for innovative insurance solutions has never been greater. Lilypad Insurance stands ready to meet this demand, providing much-needed support to coastal communities and reinforcing the foundation of financial security against nature's unpredictability.
"We established Lilypad as a direct response to the growing insurance coverage gap in catastrophe-prone areas," said Ricardo Espino. "By leveraging advanced climate data and technology infrastructure, we are uniquely positioned to offer tailored insurance solutions to address the risks and challenges of coastal living. We aim to ensure homeowners in coastal regions can access dependable and competitively priced coverage, thus safeguarding their properties and financial futures."
Traci Stillwagon, COO of Lilypad Insurance and a former Centauri senior leadership team member, also brings decades of insurance experience in the property sector, highlighting this acquisition's synergistic potential.
"The integration of Centauri's existing capabilities into Lilypad Insurance marks a pivotal advancement in our mission to safeguard coastal homeowners," said Stillwagon. "This acquisition not only immediately extends our market reach but also enhances our product offerings, ensuring that more homeowners have access to available and dependable insurance coverage." Stillwagon added, "We are grateful to Applied Underwriters for their support during this process, and we look forward to continuing to provide uninterrupted coverage to Centauri's clients.”
The formation of Lilypad Insurance comes at a critical juncture, as insurers increasingly withdraw from states like Florida, California, and Louisiana, limiting homeowners' and businesses' options. This retreat has been driven by the growing frequency and severity of natural disasters, compounded by high reconstruction costs, leading to a pressing need for alternative sources of insurance protection.
“Lilypad Insurance is our solution to close the growing coverage gap in coastal communities and expand the total addressable market of parametric insurance by creating hybrid product distribution,” said Sid Jha, Founder and CEO of Arbol. “Utilizing tools like parametric reinsurance and Arbol’s core technology ecosystem will enable us to build the next-generation carrier with Lilypad.”
The establishment of Lilypad Insurance marks a significant step towards addressing the insurance needs of property owners in coastal areas, offering them viable options for protecting their properties against natural and related risks. Operations and policies for Centauri Specialty Insurance Company and Centauri National Insurance Company will continue without interruption, and Lilypad remains committed to continuing the excellent standard of service for Centauri's clients.
About Lilypad Insurance
Lilypad Insurance delivers specialized insurance solutions to homeowners and property owners in coastal areas. By applying advanced technology and leveraging extensive industry experience, Lilypad Insurance seeks to provide robust coverage options that meet its clients' unique challenges.
For additional information, please contact:
Lilypad Press: press@lilypadins.com
Arbol Press: press@arbol.io
